Sales figures over February a positive for Perth

February was a busy month for real estate agents in Perth, with analysis from the Real Estate Institute of Western Australia (REIWA) revealing a jump in the number of homes sold in the city.

While there may be some seasonality to the February figures as market activity picks up after the Christmas and New Year’s slump passes, REIWA president Hayden Groves said the figures are still a positive for Perth.

“[Our] data shows sales activity in Perth lifted 16 per cent over the month and five per cent when compared to November 2015,” Groves said.

“We’ve also seen that weekly sales over the last three weeks are higher than they were at the same time last year. While it’s too early to call this a trend it’s a good indicator that mobility in the market is beginning to improve,” he said.

Across the city, the Central sub-region saw the largest increase over the month with a 37% increase in sales, followed by the North West where sales increased 24% over the month.

“Baldivis in the South West sub-region and Canning Vale in the South East sub-region were the top selling suburbs in February, followed by Scarborough in the Central sub-region,” Groves said.

Along with sales, residential listings in Perth also increased around 3% during February, though they remain lower than compared to the end of 2015.

“This is a marginal increase given the time of year, but it’s significant to note that listings are now 8% lower than they were in November which suggests this could be the early stages of a correction in a market of prolonged higher than average stock levels,” Groves said.

In the three months to the end of February, REIWA’s figures show a 1.1% increase in Perth’s median house price to $529,000.

Looking at the city’s rental market, rental listings declined 3% over the month, while median weekly rents remained steady at $400 and $380 for houses and units respectively.

“While tenants are still in a good position to secure a competitively priced lease in Perth, it’s encouraging for investors that rent prices are appearing to steady in 2016,” Groves said.

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